Search results

1 – 9 of 9
Per page
102050
Citations:
Loading...
Available. Open Access. Open Access
Article
Publication date: 9 July 2024

Pilar Giráldez-Puig, Ignacio Moreno, Leticia Perez-Calero and Jaime Guerrero Villegas

This study investigates the relationships between environmental, social, and governance (ESG) controversies and insolvency risk in the insurance sector. Drawing from legitimacy…

1973

Abstract

Purpose

This study investigates the relationships between environmental, social, and governance (ESG) controversies and insolvency risk in the insurance sector. Drawing from legitimacy and stakeholder theories, the authors explore the impact of ESG controversies on insurers’ insolvency risk and the moderating effect of ESG practices on this relationship.

Design/methodology/approach

This study utilises a dataset comprising 120 stock insurance firms spanning from 2011 to 2022. The authors employed system-GMM estimations to control for potential endogeneity and conducted several robustness checks.

Findings

ESG controversy positively influences insurers’ insolvency risk, with ESG practices mitigating these positive effects. The Governance (G) component of ESG practices plays a key role in counteracting the effects of ESG controversies on insurance companies’ insolvency risk.

Originality/value

This is the first study to investigate the direct relationship between ESG controversies and insolvency risk in the insurance industry. It underscores the critical influence of stakeholders’ perceptions of the company’s legitimacy, which is determined by the number of ESG controversies undertaken by the insurer company, on its insolvency risk. Additionally, by examining the three components of ESG practices individually, the authors offer insights into how managers can gain a competitive edge, particularly by utilising governance practices as safeguards against the adverse effects of ESG controversies on their financial risk.

Details

Management Decision, vol. 63 no. 2
Type: Research Article
ISSN: 0025-1747

Keywords

Available. Open Access. Open Access
Article
Publication date: 12 July 2021

Ignacio Moreno, Purificación Parrado-Martínez and Antonio Trujillo-Ponce

Despite the sophisticated regulatory regime established in Solvency II, analysts should be able to consider other less complex indicators of the soundness of insurers. The Z-score…

5910

Abstract

Purpose

Despite the sophisticated regulatory regime established in Solvency II, analysts should be able to consider other less complex indicators of the soundness of insurers. The Z-score measure, which has traditionally been used as a proxy of individual risk in the banking sector, may be a useful tool when applied in the insurance sector. However, different methods for calculating this indicator have been proposed in the literature. This paper compares six different Z-score approaches to examine which one best fits insurance companies. The authors use a final dataset of 183 firms (1,382 observations) operating in the Spanish insurance sector during the period 2010–2017.

Design/methodology/approach

In the first stage, the authors opt for a root mean squared error (RMSE) criterion to evaluate which of the various mean and SD estimates that are used to compute the Z-score best fits the data. In the second stage, the authors estimate and compare the explanatory power of the six Z-score measures that are considered by using an ordinary least squares (OLS) regression model. Finally, the authors report the results of the baseline equation using the system-GMM estimator developed by Arellano and Bover (1995) and Blundell and Bond (1998) for dynamic panel data models.

Findings

The authors find that the best formula for calculating the Z-score of insurance firms is the one that combines the current value of the return on assets (ROA) and capitalization with the SD of the returns calculated over the full sample period.

Research limitations/implications

The main limitation of the research is that it addresses only the Spanish insurance sector, and consequently, the implications of the findings must be framed in this institutional context. However, the authors think that the results could be extrapolated to other countries. Future research should consider including different countries and analyzing the usefulness of aggregated insurer-level Z-scores for macroprudential monitoring.

Practical implications

The Z-score may be a useful early warning indicator for microprudential supervision. In addition to being an indicator of the soundness of insurers simpler than those established in the current regulation, the information provided by this accounting-based measure may help analysts and investors obtain a better understanding of insurance firms' risk factors.

Originality/value

To the best of the authors’ knowledge, this study is the first to examine and compare different approaches to calculating Z-scores in the insurance sector. The few available results on the predictive power of the Z-score are mixed and focus on the banking sector.

研究目的

雖然在償付能力標準II 內已建立了精密的監管制度,但分析人員應可以考慮以不太複雑的指標,來分析保險公司的穩健程度。Z-分數的估量在銀行業一向作為是個體風險的代理而使用,而Z-分數如應用於保險業,或許會成為有用的工具。唯在文獻裏,學者和研究人員提出了不同的方法來計算這個指標。本文比較六個不同的Z-分數估量方法,以研究出最適合保險公司的方法。我們使用一個最終數據集,包括在2010年至2017年期間在西班牙保險業界營運的183間公司(1382 個觀察)。

研究設計/方法/理念

在首個階段,我們選擇使用一個方均根誤差(RMSE) 標準來衡量用來計算Z-分數的各個平均值和標準差估量中哪個最適合使用於有關的數據。在第二個階段, 我們以普通最小平方 (OLS) 迴歸模型,去估計並比較被考慮的六個Z-分數估量的解釋力。最後,我們以Arellano與Bover (1995), 以及Blundell與Bond (1998) 為動態追蹤資料模型而發展出來的系統-廣義動差估計推定量,來發表我們基線方程式的結果。

研究結果

我們發現,計算保險公司Z-分數的最佳公式是把資產收益率及資本總額的現值,和在整個樣本期間計算出來的囘報的標準差結合起來的公式。

研究的局限/含意

我們研究主要的局限為:研究只涉及西班牙的保險業;因此,研究結果的含意,必須在這個體制的背景框架下來闡釋。唯我們相信研究結果或許可外推至其它國家。未來的研究,應考慮納入不同國家作為研究對象,並分析保險公司層面的集成Z-分數的功用,以求達到宏觀審慎監控的目的。

實際意義

Z-分數或許就微觀審慎監管而言是一個有用的早期警告器。這些以會計為基礎的估量而提供的資訊,除了較現時規例内已建立顯示保險公司穩健程度的各個指標更簡單外,還會幫助分析人員和投資者更了解保險公司的風險因素。

研究的原創性/價值

據我們所知,本研究為首個研究,去探討並比較保險業內的Z-分數的計算方法。以前關於Z-分數預測能力的,為數不多並可供取閱的研究結果均不統一;而且,這些研究都聚焦探討銀行業。

Details

European Journal of Management and Business Economics, vol. 31 no. 1
Type: Research Article
ISSN: 2444-8451

Keywords

Available. Open Access. Open Access
Article
Publication date: 4 December 2018

Ignacio Ruiz Guerra, Valentin Molina and José Manuel Quesada

Experimental tourism can be understood as a new trend in tourist demand. Tourists want to experiment with lifestyles in different places. The information society shows how and…

2004

Abstract

Purpose

Experimental tourism can be understood as a new trend in tourist demand. Tourists want to experiment with lifestyles in different places. The information society shows how and where the best products are cultivated and is linked to how the quality of life should be. Nowadays, we are intended to know more and better things, both tangible and intangible, and new technologies show them to us immediately. One intends to live these opportunities as soon as they can.

Design/methodology/approach

From the experimental point of view Olive Oil Tourism (Oleotourism) emerges from the olive oil consumer’s interest in learning about the production process, so they can discover a lifestyle associated to this product. This research begins with an exploration of tourists’ motivations. Then, focusing on these consumers, this work has different targets: first, to assess how consumers perceive intangible aspects of olive oil and, second, to forecast the potential demand for oleotourism.

Findings

The development of tourism is the result of tourist entrepreneurs that react to the pre-existing demand/opportunity by identifying it in the tourist market.

Research limitations/implications

The consumer’s experience is important, but touristic trends are changing. The importance of olive oil may grow in the future because the nutrition benefits are known by all countries. The natural experience around olive oil will drive it to other stakeholders.

Practical implications

It is very early to recognize if the olive oil tourism industry is economically interesting, and whether innovative offers can be created based in olive oil and the lifestyle in rural areas.

Social implications

The local development around olive oil tourism could be a potential complement with the principal activities, which are usually agricultural activities, farmer interests and local and historical heritage. This is a means to foresee the plausible impacts of the development of oleotourism on tourist destinations, for which oleotourism might become a competitive advantage based on an agri-food product with many intangible profits: olive oil.

Originality/value

This is the first opportunity to learn about the personal interest of the consumer regarding olive oil. They give us the opportunity to know if the institutional offer about new destinations based on olive oil tourism will have a chance or will it be an economic complement with the principal activities.

Details

Journal of Tourism Analysis: Revista de Análisis Turístico, vol. 25 no. 2
Type: Research Article
ISSN: 2254-0644

Keywords

Available. Open Access. Open Access
Article
Publication date: 26 July 2022

Rosse Marie Esparza Huamanchumo, Ricardo David Hernández-Rojas, Rosa Alejandra Longa-López and Martin Cárdenas-Jarama

The purpose of this study is to analyse Peruvian cuisine in the context of visitors’ overall experience, focusing on the loyalty of tourists in terms of gastronomy, their…

4578

Abstract

Purpose

The purpose of this study is to analyse Peruvian cuisine in the context of visitors’ overall experience, focusing on the loyalty of tourists in terms of gastronomy, their satisfaction with the destination, and the overall image.

Design/methodology/approach

Data were obtained from tourists who visited Lima (Peru). Structural equation modeling was used to verify the hypothesized relationships.

Findings

The results obtained confirm that satisfaction and appreciation, such as quality, have a positive influence on tourists’ loyalty and, therefore, they recommend and express their desire to come back to this destination. The traditional gastronomy of Lima stands out as a prominent factor on overall experience.

Research limitations/implications

This paper helps the managers of cities in their decisions to improve the satisfaction and seek loyalty of those who visit a city, emphasizes the role of gastronomy.

Practical implications

The results obtained in this research can be used for the establishment of new strategies for the promotion of the destination in terms of tourism and traditional food.

Originality/value

The gastronomy in Lima, (Peru) is recognized worldwide, as well as a stimulus for tourism because it increases the number of visits to the destination. Several studies carried out in these types of destinations have shown the existence of a relationship between gastronomy, overall experience, satisfaction and loyalty. However, there are no previous studies carried out in Lima that sustain this relationship. This work makes a contribution that completes the academic literature on the study of the emotional bonds between Peruvian gastronomy and the tourist who visits it and its behaviour.

Details

International Journal of Tourism Cities, vol. 9 no. 2
Type: Research Article
ISSN: 2056-5607

Keywords

Available. Open Access. Open Access
Article
Publication date: 4 August 2021

M. Esther Gómez-Martín, Ester Gimenez-Carbo, Ignacio Andrés-Doménech and Eugenio Pellicer

The purpose of this paper is to analyze the potential for implementing Sustainable Development Goals (SDGs) into the civil engineering bachelor degree in the School of Civil…

5738

Abstract

Purpose

The purpose of this paper is to analyze the potential for implementing Sustainable Development Goals (SDGs) into the civil engineering bachelor degree in the School of Civil Engineering at Universitat Politècnica de València (Spain).

Design/methodology/approach

All the 2019/2020 course syllabi were analyzed to diagnose at which extent each subject within the program curriculum contributes to achieving the different SDGs.

Findings

The results show a promising starting point as 75% of the courses address or have potential to address targets covering the 2030 Agenda. This paper also presents actions launched by the School of Civil Engineering to boost the SDGs into the civil engineering curriculum.

Originality/value

This paper presents a rigorous and systematic method that can be carried out in different bachelor degrees to find the subjects that have the potential to incorporate the SDGs into their program. This paper also presents actions launched by the Civil Engineering School to boost the SDGs into the civil engineering curriculum.

Details

International Journal of Sustainability in Higher Education, vol. 22 no. 8
Type: Research Article
ISSN: 1467-6370

Keywords

Available. Open Access. Open Access
Article
Publication date: 15 December 2022

Cristina Sancha, Leopoldo Gutierrez-Gutierrez, Ignacio Tamayo-Torres and Cristina Gimenez Thomsen

This article studies the role played by sustainability operations management (OM) practices in the relationship between governance and environmental and social performance…

7031

Abstract

Purpose

This article studies the role played by sustainability operations management (OM) practices in the relationship between governance and environmental and social performance adopting the lenses of the upper echelons theory and the resource-based view. In particular, the authors study three main relationships: (1) the impact of governance on the implementation of sustainability OM practices, (2) the impact of sustainability OM practices on sustainability performance and (3) the mediating role of sustainability OM practices in the relationship between governance and sustainability performance.

Design/methodology/approach

To test this study’s research model, the authors retrieved secondary data of 430 firms from the United Stated (US) and Europe and analyzed it using partial least squares (PLS)-based structural equation modeling (SEM).

Findings

This study’s results suggest that sustainability OM practices are needed to achieve higher social and environmental performance outcomes from governance, highlighting the key role of the OM department in the achievement of a sustainability strategy.

Originality/value

This paper adopts the environmental, social, governance (ESG) neglected focus and aims to provide a better understanding of and reveal the interrelationship between governance and sustainability OM practices (i.e. environmental and social).

Details

International Journal of Operations & Production Management, vol. 43 no. 13
Type: Research Article
ISSN: 0144-3577

Keywords

Available. Content available

Abstract

Details

Management Decision, vol. 62 no. 10
Type: Research Article
ISSN: 0025-1747

Available. Open Access. Open Access
Article
Publication date: 2 January 2025

Eva M. García-Granero, Laura Piedra-Muñoz, Emilio Galdeano-Gómez and Yolanda Sorroche-del-Rey

This study aims to propose a comprehensive framework for assessing circular economy (CE) performance in the agri-food sector. It identifies those indicators that should be used to…

303

Abstract

Purpose

This study aims to propose a comprehensive framework for assessing circular economy (CE) performance in the agri-food sector. It identifies those indicators that should be used to measure circularity regarding CE strategies, applies them at a microeconomic level and examines the impact of key business determinants (financial, internalization, knowledge, awareness and digitalization).

Design/methodology/approach

A literature review was conducted with a focus on CE strategies and related indicators. The framework obtained is applied on a Spanish agri-food sector survey to provide an empirical CE analysis at firm level. A partial least squares based-structural equation modelling method is applied.

Findings

The research suggests a set of circularity indicators to assess CE strategies at micro level. The findings reveal the heterogeneity of CE sub-indicators related to narrowing, slowing, closing and regenerating strategies. It also highlights the strong effects that the drivers tested have on CE, especially awareness and knowledge.

Practical implications

This study provides a framework that can guide public policies and business decisions in sectors with significant environmental impacts. It provides a conceptual framework that explains which CE indicators should be considered by governments and regulators when developing policies that seek to promote circular strategies.

Social implications

In the case of companies, the results show that acquiring more environmental awareness and knowledge is essential for promoting more sustainable work habits that enhance CE.

Originality/value

The paper offers a novel contribution to the CE literature by introducing a multidimensional indicator framework comprehensively applied to the agri-food sector, integrating miscellaneous pillars of circular strategies and business determinants.

Details

Sustainability Accounting, Management and Policy Journal, vol. 16 no. 7
Type: Research Article
ISSN: 2040-8021

Keywords

Available. Open Access. Open Access
Article
Publication date: 31 August 2023

Hervé Honoré Epoh, Olivier Ewondo Mbebi and Fabrice Nzepang

This research paper aim at providing a new approach of calculating the destinations competitiveness index. How can these variables been aggregated in other to reflect the…

810

Abstract

Purpose

This research paper aim at providing a new approach of calculating the destinations competitiveness index. How can these variables been aggregated in other to reflect the realities of very distinct productive environments? We assume that: The weighting of variables provides a better measure of destinations competitiveness. Base on the Neo-Technological theory, after a life cycle differentiation, we used a panel data approach to calculate the weight of each variable as the spearman correlation coefficient of its contribution to tourism inflows growth. After integrating these weights, we came to the point that by applying an appropriate weight to its components, we end up having a competitiveness index that significantly improve the correlation between competitiveness and tourism inflows growth.

Details

Tourism Critiques: Practice and Theory, vol. 4 no. 1/2
Type: Research Article
ISSN: 2633-1225

Keywords

Access

Only content I have access to

Year

Content type

1 – 9 of 9
Per page
102050